Call us toll-free

Quick academic help

Don't let the stress of school get you down! Have your essay written by a professional writer before the deadline arrives.

Calculate the price

Pages:

275 Words

$19,50

The central mystery in climate science is the Sun

A particular kind of mathematical methodology thus has come to determine what is selected for study, recognizing only problems that have a single determinate mathematical solution reached by or what systems analysts call negative feedback. By contrast, a positive feedback model would depict an economic polarization that has an indeterminate number of possible resolutions as conflicting trends will intersect, forcing something to give. At such points the economic problem becomes essentially political. This is how the real world operates, but to analyze it would drive economists into an unstable universe in which the future is up for grabs. Such a body of study is deemed unscientific (or at least, uneconomic) precisely because it cannot be mathematized without becoming political.

Publications | Levy Economics Institute

This paper presents a methodological discussion of two recent “endogeneity” critiques of the Kaleckian model and the concept of distribution-led growth. From a neo-Keynesian perspective, and following Kaldor (1955) and Robinson (1956), the model is criticized because it treats distribution as quasi-exogenous, while in Skott (2016) distribution is viewed as endogenously determined by a series of (exogenous) institutional factors and social norms, and therefore one should focus on these instead of the functional distribution of income per se. The paper discusses how abstraction is used in science and economics, and employs the criteria proposed by Lawson (1989) for what constitutes an appropriate abstraction. Based on this discussion, it concludes that the criticisms are not valid, although the issues raised by Skott provide some interesting directions for future work within the Kaleckian framework.

How poorer nations benefit from EU membership | VOX, …

The term export means sending of goods or services produced in one country to another country

This disdain for empirical validity is not found in the physical sciences. Ptolemaic astronomers were able to mathematize models of a solar system revolving around the earth rather than the sun. The phlogiston theory of combustion was logical and even internally consistent, as is astrology, former queen of the medieval sciences. But these theories no longer are taught, because they were seen to be built on erroneous assumptions. Why strive to be logically consistent if one’s working hypotheses and axioms are misleading in the first place?

The moral of all this is that there are different kinds of mathematical economics. What the Cornell philosopher E. A. Burtt referred to the metaphysical foundation of modern physical science has become a politically tinged metaphysics in the hands of monetarists and neoclassical economists. Just how far their non-quantitative spirit diverges from the origins of economics is reflected in the closing words of David Hume’s Enquiry Concerning Human Understanding:

What the New Tax Law Means for Trusts and Estates

ABSTRACT - The paper reports research into the effects of music tempo on consumer behaviour

Coauthors L. Randall Wray and �ric Tymoigne argue that the current financial crisis, which began with the collapse of the US subprime mortgage market in 2007, provides a compelling reason to show how Minsky’s approach offers us a solid grounding in the workings of financial capitalism. They examine Minsky’s extension to Keynes’s investment theory of the business cycle, which allowed Minsky to analyze the evolution, over time, of the modern capitalist economy toward fragility—what is well known as his financial instability hypothesis. They then update Minsky’s approach to finance with a more detailed examination of asset pricing and the evolution of the banking sector, and conclude with a brief review of the insights that such an approach can provide for analysis of the current global financial crisis.

This paper focuses on the persistence of hardship from middle age to old age. Proposed status maintenance models suggest that stratification of economic status occurs over the life course (for example, little mobility is seen within the income distribution). Some studies have found evidence to support this, but none have looked at broader measures of well-being. Using 29 years (1968–96) of data from the Panel Study of Income Dynamics (PSID), the author employs hypothesis tests (t-tests) and logistic regression techniques to examine the relationship between middle-age chronic hardships and adverse old-age outcomes. In almost every case, individuals who experience middle-age chronic hardships are significantly (statistically) more likely to experience adverse old-age outcomes.

The Levy Economics Institute of Bard College is a non-profit, nonpartisan, public policy think tank
Order now
  • UNMATCHED QUALITY

    As soon as we have completed your work, it will be proofread and given a thorough scan for plagiarism.

  • STRICT PRIVACY

    Our clients' personal information is kept confidential, so rest assured that no one will find out about our cooperation.

  • COMPLETE ORIGINALITY

    We write everything from scratch. You'll be sure to receive a plagiarism-free paper every time you place an order.

  • ON-TIME DELIVERY

    We will complete your paper on time, giving you total peace of mind with every assignment you entrust us with.

  • FREE CORRECTIONS

    Want something changed in your paper? Request as many revisions as you want until you're completely satisfied with the outcome.

  • 24/7 SUPPORT

    We're always here to help you solve any possible issue. Feel free to give us a call or write a message in chat.

Order now

O. Henry - Short Stories and Classic Literature

We hope to model financial fragility and money in a way that captures much of what is crucial in Hyman Minsky’s financial fragility hypothesis. This approach to modeling Minsky may be unique in the formal Minskyan literature. Namely, we adopt a model in which a psychological variable we call financial prudence () declines over time following a financial crash, driving a cyclical buildup of leverage in household balance sheets. High leverage or a low safe-asset ratio in turn induces high financial fragility (). In turn, the pathways of and capacity utilization () determine the probabilistic risk of a crash in any time interval. When they occur, these crashes entail discrete downward jumps in stock prices and financial sector assets and liabilities. To the endogenous government liabilities in Hannsgen (2014), we add common stock and bank loans and deposits. In two alternative versions of the wage-price module in the model (wage–Phillips curve and chartalist, respectively), the rate of wage inflation depends on either unemployment or the wage-setting policies of the government sector. At any given time , goods prices also depend on endogenous markup and labor productivity variables. Goods inflation affects aggregate demand through its impact on the value of assets and debts. Bank rates depend on an endogenous markup of their own. Furthermore, in light of the limited carbon budget of humankind over a 50-year horizon, goods production in this model consumes fossil fuels and generates greenhouse gases.

Global Risks Report 2017 - Reports - World Economic …

At the heart of that viewpoint is what Minsky called the “financial instability hypothesis,” which derives from an interpretation of John Maynard Keynes’s work and underscores the value of an evolutionary and institutionally grounded alternative to conventional economics.

Who owns and controls the Federal Reserve - USAGOLD

Since the beginning of the fall of monetarism in the mid-1980s, mainstream macroeconomics has incorporated many of the principles of post-Keynesian endogenous money theory. This paper argues that the most important critical component of post-Keynesian monetary theory today is its rejection of the “natural rate of interest.” By examining the hidden assumptions of the loanable funds doctrine as it was modified in light of the idea of a natural rate of interest—specifically, its implicit reliance on an “efficient markets hypothesis” view of capital markets—this paper seeks to show that the mainstream view of capital markets is completely at odds with the world of fundamental uncertainty addressed by post-Keynesian economists, a world in which Keynesian liquidity preference and animal spirits rule the roost. This perspective also allows us to shed new light on the debate that has sprung up around the work of Hyman Minsky, calling into question to what extent he rejected the loanable funds view of financial markets. When Minsky’s theories are examined against the backdrop of the natural rate of interest version of the loanable funds theory, it quickly becomes clear that Minsky does not fall into the loanable funds camp.

Order now
  • You submit your order instructions

  • We assign an appropriate expert

  • The expert takes care of your task

  • We send it to you upon completion

Order now
  • 37 684

    Delivered orders

  • 763

    Professional writers

  • 311

    Writers online

  • 4.8/5

    Average quality score

Order now
  • Kim

    "I have always been impressed by the quick turnaround and your thoroughness. Easily the most professional essay writing service on the web."

  • Paul

    "Your assistance and the first class service is much appreciated. My essay reads so well and without your help I'm sure I would have been marked down again on grammar and syntax."

  • Ellen

    "Thanks again for your excellent work with my assignments. No doubts you're true experts at what you do and very approachable."

  • Joyce

    "Very professional, cheap and friendly service. Thanks for writing two important essays for me, I wouldn't have written it myself because of the tight deadline."

  • Albert

    "Thanks for your cautious eye, attention to detail and overall superb service. Thanks to you, now I am confident that I can submit my term paper on time."

  • Mary

    "Thank you for the GREAT work you have done. Just wanted to tell that I'm very happy with my essay and will get back with more assignments soon."

Ready to tackle your homework?

Place an order